THREAD: oil tycoons
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News Timeline
TRUMP-ERA Airstrike Shocks Houthi Rebels: Over 70 Dead at OIL Port
— A U.S. airstrike ordered by President Trump hit the Ras Isa oil port in Yemen, killing more than 70 people and injuring many others. The target was a facility run by Iranian-backed Houthi rebels, showing a bold move in America’s fight against the group. The attack happened just before new talks between the U.S. and Iran about Tehran’s nuclear program. Washington has linked these talks to Iran’s actions in Yemen. The Houthis have attacked ships in the Red Sea and fired on Israel, making them a major threat to American interests. Houthi media showed bodies at the scene and burning tanker trucks after the strike. The rebels called it “unjustified aggression.” Some experts warn this could hurt fuel supplies for millions living under Houthi control. The Biden administration says it is pressuring Iran but faces criticism for not being tough enough on its proxies like the Houthis. This strike proves that when American interests are at risk, military action is still an option — no matter who is president.
— Man arrested after North Sea oil tanker collision A container ship crashed into an oil tanker, leaving one person presumed dead at sea
— Man arrested after North Sea oil tanker collision A container ship crashed into the oil tanker, leaving one person presumed dead at sea
WALL STREET Surges: Oil Price Drop Sparks Investor Optimism
— Wall Street is climbing today, driven by a 6% DROP in oil prices. Investors are gearing up for a crucial week of earnings reports from major tech firms.
Tech and energy stocks are leading the way, with analysts hopeful about tech giants’ futures. However, there is still caution about the overall economic outlook.
The fall in oil prices comes from oversupply worries and easing geopolitical tensions, affecting inflation rates and consumer spending that Wall Street closely monitors.
While U.S. markets rise, Asian markets face recession fears linked to U.S. economic performance, showing global interconnectedness and financial volatility.
NIGER DELTA Cleanup Failure: A Shocking Revelation
— A satellite image from 2021 revealed a barren landscape in the NIGER DELTA, highlighting the failure of cleanup efforts. The site near Port Harcourt was supposed to be restored to farmland under a United Nations Environment Programme initiative. However, documents show that the land remains unusable due to ineffective cleanup operations.
The Associated Press obtained records revealing that senior U.N. officials are concerned about Nigeria’s Hyprep agency, tasked with oil spill cleanups. The agency selected unqualified contractors and sent soil samples to ill-equipped labs, according to a U.N. review. Auditors faced physical obstruction when attempting to verify completed work, raising questions about accountability and transparency in the process.
A former Nigerian environment minister disclosed that many cleanup companies are owned by politicians, echoing concerns shared by U.N. officials in meeting minutes. This situation underscores systemic issues within Hyprep and its handling of environmental restoration projects in Nigeria’s oil-rich region. The ongoing challenges highlight the need for reform and effective oversight in addressing pollution impacts on local communities and ecosystems.;
TRUMP’S Triumph Ignites Outrage: Just Stop OIL Strikes Back
— On Wednesday, Donald Trump claimed victory in the 2024 U.S. Presidential Election, winning support from over 70 million Americans. Yet, not everyone was pleased. The far-left group Just Stop Oil showed their anger by splashing bright orange paint on the U.S. Embassy in London.
Just Stop Oil slammed corporate power and fossil fuel industries, saying they control major political parties and are the real winners of the election. They called Trump a “fake populist,” claiming he ignores what they see as vital — stopping oil and gas drilling. The group urged regular people to act since they believe no leaders will make needed changes.
Activist Joseph Aggarwal was detained by police after joining the protest. He voiced concerns about a lack of true democracy across Western nations, arguing voters get similar policies no matter which party wins, worsening living conditions and climate issues. Aggarwal accused Trump of using public frustration to help billionaires while ignoring urgent environmental problems.
— S&P 500 RISES NEARLY 1% as Cooler Oil Prices Boost Market The Dow gained 100 points, reflecting positive investor sentiment amid declining oil prices
— US Crude Oil Prices Surge Amid Biden’s Iran Retaliation Remarks President Biden’s comments on potential US retaliation against Iran following tensions in Israel have caused a spike in crude oil prices
— OPEC+ Extends Crude Production Cuts Through 2025 The oil alliance OPEC+ has decided to prolong joint crude production cuts until 2025
US NAVY SAVES the Day: Huthi Missile Attack on Oil Tanker Thwarted
— The Huthis, a rebel group based in Yemen, announced that they had targeted a British oil tanker, named the Pollux, in the Red Sea using missiles. The US Central Command (CENTCOM), however, clarified that this vessel is actually Danish-owned and registered in Panama.
CENTCOM confirmed that from areas of Yemen under Huthi control, four anti-ship ballistic missiles were launched. It was reported that at least three of these missiles were directed towards MT Pollux.
In reaction to this looming threat, CENTCOM successfully executed two self-defence strikes against one mobile anti-ship cruise missile and one mobile unmanned surface vessel located in Yemen. This incident happened just as Washington’s reclassification of the Huthis as a terrorist group became official along with related sanctions.
This event underscores the importance of vigilance and quick action in maintaining security on international waters. It also highlights Washington’s commitment to combating terrorism globally.
RUSSIAN Oil Tanker ENGULFED: Houthi Missile Strike Sparks Fear in Gulf of Aden
— A Houthi missile strike recently ignited a Russian oil tanker, the Marlin Luanda, in the Gulf of Aden. The vessel was carrying Russian naphtha when it was targeted. The attack resulted in a fire breaking out in one of the cargo tanks. Fortunately, the blaze was put out promptly and no crew members were injured.
The incident prompted immediate reactions from other vessels in the area. Another oil tanker quickly reversed its course to escape potential danger. Meanwhile, U.S Central Command (CENTCOM) took action to neutralize an imminent threat posed by a Houthi anti-ship missile towards merchant and U.S Navy vessels operating nearby.
The attack has had economic repercussions as well, causing a 1% surge in oil prices due to concerns over potential disruptions to oil flow through the Red Sea region. This event marks the most severe Houthi assault on oil tankers till date and serves as a stark reminder that even Russian oil is not safe from Yemen’s Iran-backed insurgents’ attacks.
Interestingly, despite targeting a vessel carrying Russian cargo managed by London-based Oceonix Services Ltd., Houthis claimed their target was actually a “British ship”. This discrepancy could potentially fuel geopolitical tensions moving forward.
OIL TYCOONS Rule COP28: A Shocking Paradox or a Bold Leap for Climate Goals?
— The forthcoming COP28 climate summit, to be held in the United Arab Emirates (UAE), is stirring up a storm of controversy. Critics are questioning the seemingly ironic choice of Sultan Ahmed Al Jaber, CEO of UAE’s state oil company, as the event’s overseer.
UK Guardian columnist Marina Hyde has expressed concerns about this decision. She compares it to China’s temporary factory closures during the 2008 Olympics for cleaner air. She questions whether UAE will also pause its gas flaring operations during the conference.
Climate advocates fear that powerful politicians and industrialists could twist climate policies for personal gain. These fears are amplified by reports that Al Jaber and UAE may exploit COP28 to broker oil and gas deals with other nations.
Despite these apprehensions, some believe that involving major oil producers is key to meeting climate objectives. But with President Joe Biden absent and protests pushed to distant locations, doubts over COP28’s effectiveness continue to mount.
TECH TYCOON’S Angel Slain: Hamas Turns Israeli Music Festival into Nightmare
— In a shocking turn of events, Danielle Waldman, the 24-year-old daughter of tech industry titan Eyal Waldman, was brutally killed in a Hamas attack on an Israeli music festival. The young Californian had journeyed to Israel specifically to attend the Supernova music festival. Her father confirmed to CNN that she and her boyfriend Noam were tragically caught in the crossfire during the rave near Kibbutz Re’im on the Gaza border.
The intended peaceful celebration morphed into a bloodbath as over 260 people lost their lives. Countless others were either injured or abducted by the terrorist group. A grief-stricken Eyal Waldman expressed his initial hope to reporters that his daughter might have been taken hostage and would eventually be returned.
Eyal Waldman is renowned for establishing Mellanox in 1999, a firm specializing in high-speed servers and storage-switching solutions. In 2020, US gaming and computer graphics behemoth Nvidia acquired Mellanox for $7 billion. Interestingly, Waldman stirred both tech circles and Arab world by setting up research centers employing Palestinian developers within West Bank and Gaza Strip.
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UK’S BIG Green Light to NORTH SEA OIL Drilling: A Jobs Boost or an Environmental Nightmare?
— The UK’s North Sea Transition Authority recently approved new oil and gas drilling in the North Sea. This move has triggered a wave of criticism from environmentalists, who argue it contradicts the country’s climate objectives.
The Conservative government stands by its decision, stating that drilling in the Rosebank field will not only create jobs but also bolster energy security. Rosebank is one of the largest untapped reserves in UK waters and is believed to contain around 350 million barrels of oil.
Equinor, a Norwegian company, and Ithaca Energy based in the UK oversee operations at this field. They have plans to inject $3.8 billion into the project’s initial phase, with production anticipated to kick off between 2026 and 2027.
Caroline Lucas, a Green Party lawmaker, harshly criticised this decision as “morally obscene.” In response, the government maintains that projects like Rosebank will produce significantly less emissions compared to past developments.
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OIL PRICE Shock: US Sanctions Ignite Global Fears
— Oil prices soared more than 3% after the US hit Chinese and Iranian oil sectors with tough new sanctions. The Treasury Department targeted a Chinese refinery accused of buying $1 billion in Iranian oil. It also punished companies and ships tied to Iran’s “sanctions-evasion” tactics. These bold moves shook energy markets, causing the first weekly rise in crude prices in three weeks.
Experts say this jump shows real worry about supply problems as Washington cracks down on both buyers and sellers. OPEC’s latest report points to rising uncertainty, with the US showing it will go after even big players like China for breaking energy rules. The Biden administration’s push for higher tariffs is making things even tenser worldwide.
China fired back by stopping imports of US liquefied natural gas since February, heating up the tariff fight even more. Some Asian countries are now turning to American energy sources to dodge higher tariffs from China, which could change global trade routes for oil and gas. This could cause even more chaos across supply chains everywhere.
Analysts warn that if Washington and Beijing keep trading blows, it could spark a deeper crisis or an energy shortage. As leaders rush to find answers, one thing is clear: today’s wild swings in oil prices are being driven by politics as much as market forces — if not more so.;
